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OPEC+ clamping down on members exceeding production quotas

OPEC+ clamping down on members exceeding production quotas

OPEC+ is poised for a debate about lax implementation of oil-production cuts in Vienna this week. Oil jumped above $61 a barrel on last Monday, supported by hints that OPEC. The dollar and global stock markets fell on last Monday after U.S. President Donald Trump’s speech. Russia asking to discuss a rule change that would...

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Aramco IPO retail offering fully covered with one day to go

Aramco IPO retail offering fully covered with one day to go

The retail tranche of Saudi Aramco’s initial public offering is fully covered with one day to go after 3.7 million investors applied. Saudi Aramco recently honored a number of local manufacturers distinguished for offering high-quality products. Saudi Aramco is participating in the 2019 Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC). Company issued a prospectus...

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Equatorial Guinea announces winners of EG Ronda 2019 bidding round

Equatorial Guinea announces winners of EG Ronda 2019 bidding round

Equatorial Guinea’s Ministry of Mines and Hydrocarbons has announced the winners of the 2019 licensing round for its oil. Equatorial Guinea’s ruling party has expelled 42 of its members for their alleged role in a coup bid late last year. Equatorial Guinea’s army chief-of-staff, who was only appointed to the post in October. Two journalists...

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Venezuela using ‘dark ships’ to secretly export millions of barrels of oil

Venezuela using ‘dark ships’ to secretly export millions of barrels of oil

The Dragon, a massive oil tanker flying the Liberian flag, is supposed to be floating somewhere off the coast of France. Venezuela has expelled El Salvador’s diplomats in a tit-for-tat response after El Salvador. Venezuela has won a seat on the United Nations Human Rights Council. Instead, it’s currently thousands of miles away in Venezuela....

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ADNOC to launch futures exchange for its Murban crude

ADNOC to launch futures exchange for its Murban crude

Intercontinental Exchange, Inc., a leading operator of global exchanges and clearing houses and provider of data and listings services. Abu Dhabi National Oil Company (ADNOC) announced on last Wedneday a significant investment. Agreement will focus on the sale of refined products from ADNOC to Rongsheng, downstream investment opportunities. It will launch a new exchange, ICE...

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OPEC predicts U.S. shale will steal market share for years to come

OPEC predicts U.S. shale will steal market share for years to come

OPEC slashed estimates for the amount of oil it will need to pump in coming years. OPEC will supply a diminishing amount of oil in the next five years. Brent crude futures fell 39 cents, or 0.6%, to $60.78 a barrel by 0111 GMT. It projecting that its share of world markets will shrink until...

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ADNOC, LUKOIL sign cooperation agreement on UAE gas fields

ADNOC, LUKOIL sign cooperation agreement on UAE gas fields

ADNOC has awarded to a subsidiary of LUKOIL a 5% stake in the Ghasha ultra-sour gas concession. LUKOIL and Vladimir Region concluded an Agreement on Cooperation in the city of Vladimir. The Volgograd refinery a wholly-owned subsidiary company. LUKOIL got first place in the 2019 Environmental, Social and Governance (ESG) rating. Ghasha, Dalma and other...

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OPEC+ will have to cut output in December, according to market data

OPEC+ will have to cut output in December, according to market data

The OPEC+ group of oil producers will need to make deeper output cuts when they meet in December. OPEC said on last Tuesday that oil inventories had continued to rise despite a global deal. The International Energy Agency (IEA) urged Opec countries to swiftly deliver on promised production. The price of a barrel of brent...

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Maersk Supply Service awarded integrated solutions project in Brazil

Maersk Supply Service awarded integrated solutions project in Brazil

Maersk Supply Service will provide an integrated mooring lines life extension solution. Western Australia’s Port of Fremantle is setting new records with the arrival of two Post Panamax containerships. On July 10, the company said that it agreed with SoLix Group AB. Shell’s FPSO Fluminense, including project management, engineering, interface management. New facility which has...

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ADNOC Drilling completes its first offshore Integrated Drilling Services well

ADNOC Drilling completes its first offshore Integrated Drilling Services well

ADNOC Drilling announced the completion of its first offshore integrated drilling services. The discussions between H.E. Dr. Al Jaber and H.E. Mr. Novak coincided with the 24th meeting of the World Energy. The Abu Dhabi National Oil Company (ADNOC) and the Chartered Institute of Personnel and Development (CIPD) have announced an agreement. The milestone follows...

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